/ EOFY – Payment Reporting

 
Taxable payments reporting – building and construction industry

As part of the 2011–12 Federal Budget, the government announced the introduction of taxable payments reporting for businesses in the building and construction industry.

The aim of the system is to improve compliance with tax obligations by those contractors who are currently not doing the right thing.

The information reported about payments made to contractors will be used for data matching to detect contractors who have not:
– lodged tax returns
– included all income on tax returns that have been lodged.

For more information click here. If you are unsure as to whether you need to report or not, consult the ATO or your accountant.

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